Crest Capital provides small business owners with equipment, vehicle, and software financing in amounts up to $500,000. The company began in 1989 and is based in Atlanta, Georgia. Since it is not a bank, it can offer a simple application that doesn't require tax returns or financial statements and provide a fast approval turnaround time.
Because Crest Capital is an alternative lender, not a traditional bank, its small business loans are easier to obtain. Therefore, the application process is simple, fast, and secure. It is also completely free and non-obligatory.
Applying is especially simple for people financing less than $250,000, as no financial documentation at all is required. Applying will not negatively impact one's credit score, and applicants are not required to submit tax returns or other complicated financial documents.
While most banks take weeks to give an approval, Crest Capital can notify a business owner of approval on the same day they apply. The company also provides instant real quotes, and customers can use the free monthly payment calculator to get payment quotes emailed directly.
Crest Capital differs from other alternative lenders in that its business loans are use-specific.
The company is a direct lender and provides 100 percent financing for equipment in amounts from $5,000 to $500,000. 100 percent financing means that it will finance all of the equipment costs, plus soft costs like delivery and installation. Banks often finance only 80% of equipment costs. All costs can be financed, from delivery to installation, and payment schedule options include: seasonal, skip, and ramp-up payments.
The company does not require collateral and boasts lower upfront fees than big banks.
Conveniently, people do not have to re-qualify with Crest Capital every year.
Crest Capital specializes in the following three types of small business loans:
Crest Capital claims it charges fewer fees than traditional banks and other alternative lenders. There are no compensating balances, no closing costs, and no blanket liens or other restrictive covenants that are sometimes used to increase customer costs.
While Crest Capital's equipment financing is excellent, the variety of small business loans offered is obviously limited.
Crest Capital provides three different small business loan options for equipment, vehicles, and software but does offer anything in the way of startup financing or bad credit financing.
Specifically, these loan types are not included in Crest Capital's loan product suite:
Therefore, you can't use a Crest Capital loan on payroll, marketing, or other needs.
Crest Capital does have an instant quote tool on its website, but the quote is not actually instant: you have to provide your email address for your results.
The company claims its rates and terms are competitive, but there are no specifics shared on potential rates or repayment term lengths for these loans. While numbers for any business loan are highly individual, case studies from past clients can be helpful for a prospective client to consult prior to applying.
Eligibility requirements are also unknown, including minimum credit score, annual revenue, cash flow, time in business, etc. Likewise, the company does not explain any details on an origination fee, closing fee, or the time it takes for funding to enter one's bank account.
While the website does not explain any information on fees, a phone representative stated that the company charges a $275 documentation fee. Crest Capital charges the documentation fee upfront with the first month's payment.